Bitcoin (BTC) and Ether (ETH) have their highest monthly closings ever in October, showing strong bull momentum. The focus has now shifted to November, mostly in favor of Bitcoin’s continued surge.
Since 2013, Bitcoin only closed the November candle twice in the red area, in 2018 and 2019.
The S&P 500 Index posted an average gain of 2% in November, the only month of the year that achieved such an impressive average return.
Glassnode data shows that Bitcoin balances on the exchanges are at a three-year low. It fell from 3.1 million Bitcoin in April 2020 to 2.46 million BTC. According to analysts, this is a bullish signal for the market as it could lead to a supply shock in the short term.
Can Ether lead Altcoins higher or Bitcoin still in the driver’s seat? Let’s analyze the top 10 cryptocurrency charts to find out.
Bitcoin turned away from the resistance line of the flag pattern on October 31, but the bulls did not allow the price to stay below the 20-day EMA ($ 59,876). This is a positive sign as it shows traders are buying on a decline.
BTC / USDT daily chart | Source: TradingView
A breakout and close above the resistance line complete the bullish setup. After that, the BTC / USDT pair can rebound to an all-time high of $ 67,000. This level is likely to be a major hurdle, but if the bulls can break it, the pair can begin its journey towards the target of the pattern at $ 89,476.
The rising moving averages and Relative Strength Index (RSI) are in positive territory, showing that the bulls have the upper hand. The first sign of weakness will be a breakout and close below the 20-day EMA. Such a move could result in a fall to the support line of the pattern.
Sales could accelerate if the bears hold the price below the flag pattern. After that, the pair may plunge to the 50-day SMA ($ 53.115).
The long tail of the November 1st ether bar shows that the bulls are actively buying on the downside. The bulls have not allowed the price to drop below the 20-day EMA ($ 4,042) since October 1st, and this shows that sentiment remains positive.
ETH / USDT daily chart | Source: TradingView
If the bulls push the price above the $ 4,460.47 resistance, the ETH / USDT pair may resume the uptrend. After that, the pair can recover to the psychological level of $ 5,000, where the bears are likely to be a major challenge.
Contrary to this assumption, if price deviates from overhead resistance, the bears will seek to pull the pair down to the 20-day EMA. This is an important support to look out for as a break below it could encourage short-term traders to take profits.
The bears have been trying to push Binance Coin (BNB) back below $ 518.90 for the past two days, but the long tail on the candle shows that the cops have other plans. The lower levels are attracting strong buying and now the bulls will try to resume the uptrend.
BNB / USDT daily chart | Source: TradingView
The 20-day EMA is rising (486) and the RSI is just below the overbought zone, showing that the bulls are in control. If they hold the price above $ 540.50, the BNB / USDT pair may approach the target of the pattern at $ 554 and then the psychological resistance at $ 600.
Conversely, if the price goes down and falls below the 20-day EMA, it indicates strong selling at higher levels. This could trap some aggressive bulls and push the pair to the critical support at $ 392.20.
The bulls have successfully defended strong support at USD 1.87 for the past few days, but are struggling to push Cardano (ADA) above the 20-day EMA (USD 2.07). This indicates a lack of demand at higher levels.
Daily ADA / USDT Chart | Source: TradingView
Now the bears will attempt to bring the price below the $ 1.80 – $ 1.87 support area. When this happens, the ADA / USDT pair can drop to $ 1.58. The moving averages are sloping down and the RSI in negative territory shows the bears are in control.
Contrary to this assumption, if price starts from current levels and breaks above the moving averages, it will show a heavy accumulation at $ 1.87. After that, the pair can rebound to the $ 2.47 resistance level.
Solana (SOL) rallied from the 20-day EMA on October 31st, signaling strong buying at lower levels. Now the bulls will attempt to push the price above the $ 216-218.93 resistance area.
Daily SOL / USDT chart | Source: TradingView
If successful, the SOL / USDT pair can continue the uptrend and rebound towards the target of the $ 239.83 pattern. A break and close above this resistance could open the door for a rally to $ 265.80.
The 20-day EMA is rising ($ 185) and the RSI in positive territory shows that the bulls have the upper hand. This positive view will be invalidated if price deviates from the overhead resistance and falls below the 20-day EMA. That could pull the price down on the trend line.
Ripple (XRP) is stuck between the downtrend line and the $ 1 support as the bears sell on the rebound and the bulls buy on the downside. The bulls attempted to push price above the downtrend line on October 31st, but the long wick on the bar shows selling pressure at higher levels.
XRP / USDT daily chart | Source: TradingView
The bears have been trying to break below the SMA line since Nov 1st, dragging the price to $ 0.85.
If the bulls push price above the downtrendline, the pair can rise to the overhead resistance of $ 1.24. The flat moving averages and RSI near the middle do not give the bulls or bears a clear advantage.
Polkadot (DOT) bounced off the 20-day EMA ($ 41.93) on October 31, as evidenced by the long tail of the intraday bar. This is a positive sign as it shows that traders are accumulating on the downside.
DOT / USDT daily chart | Source: TradingView
The continuation of buying on November 1st pushed the price above the $ 46.39 resistance. Now the bulls will try to push the price above the ATH level at 49.78. If they succeed. The pair can rally to the target of the $ 53.90 pattern.
The first sign of weakness will be a close below $ 46.39. After that, the pair can slide back to the 20-day EMA.
The long tail of the SHIBA INU (SHIB) on October 31st shows that the bulls bought aggressively as they fell to the 50% fib retracement level at $ 0.00005778.
Daily SHIB / USDT Chart | Source: TradingView
Buyers will now try to push the price down to the all-time high of $ 0.00008854. This level is likely to attract strong sales from the bears. If the price deviates from the overhead resistance, the SHIB / USDT pair can trade between $ 0.00008854 and $ 0.00005778 for a few days.
A break and close above $ 0.00008854 could indicate the uptrend continues with the target for 300% fib expansion at $ 0.000010349. Conversely, a breakout and close below USD 0.00005778 can push the price to the 20-day EMA (USD 0.00048).
Dogecoin (DOGE) bounced off the 20-day EMA ($ 0.25) on October 31, but the bulls are struggling to keep the price above $ 0.27. This shows that the bears are selling in the rallies.
Daily DOGE / USDT Chart | Source: TradingView
The 20-day EMA ($ 0.25) is rising and the RSI is just above the middle, giving buyers a slight advantage. If the price holds above $ 0.27, the DOGE / USDT pair can rise to $ 0.30 and then to $ 0.35.
This positive view will be invalidated if the bears pull below the 20-day EMA. After that, the pair may drop to the 50-day SMA ($ 0.23). If this support is broken, the downward move can extend to as low as $ 0.19.
Terra (LUNA) is trading between the symmetrical triangle resistance line and the 20-day EMA ($ 41.65), which is a positive sign. This shows that traders are buying on a decline from the 20-day EMA.
Daily LUNA / USDT chart | Source: TradingView
Buyers need to press and hold the price above the triangle to confirm the continuation of the uptrend. First, the LUNA / USDT pair can soar to $ 49.54, and if that hurdle is exceeded, the uptrend can extend to the target of the pattern at $ 62.59.
If the bears pull below the 20-day EMA, the pair can slide to the 50-day SMA ($ 38.89) and then the triangle’s support line. A break and break below this support will show that the bears have overwhelmed the bulls. After that, the pair can drop to $ 33 and all the way down to $ 22.40.
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Disclaimer: This article is for informational purposes only, not investment advice. Investors should research carefully before making a decision. We are not responsible for your investment decisions.
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